The selloff today was highly predictable as stated earlier - something to remember for those that trade e-minis. However, we are probably fast approaching the end of wave (a) of [ii] down. Whether we stay down the rest of the day or rebound somewhat this afternoon, we should see more rally in wave (b) up next week. Thereafter, another sharp selloff should bring the recent chaos to a conclusion.
On the other hand, if we breach the February lows on the next selloff, then all bets are off for a substantial summer rally, and we will have to look at the alternatives.
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